Monday, July 9, 2007

COT report July 9

Rarely am I surprised by the market anymore but I must say I am surprised by the COT today. I was expecting the commercials to start reducing their long position. Shows you what I know. They increased their long position by a huge amount. Nothing to do but keep holding those longs. I think I will start switching out a little of my Q position to QLD on any pullbacks.